OTTAWA: The Honourable Lisa Raitt, Minister of Transport, today announced a new Government of Canada program to facilitate the transfer of 50 Transport Canada-owned port facilities to local interests.
The Ports Asset Transfer Program (PATP) is a proactive and structured program that includes engagement, sale and divestiture phases. If a port facility does not sell, the program will offer the port facility for divestiture.
Key features of the new Program include:
- specific timelines for negotiations and transactions with interested parties during the sales and divestiture phases;
- broader criteria to allow new port operators to expand or improve ports;
- flexibility for continued operations or alternate uses; and
- the ability of Canada Port Authorities to acquire ports.
Sales and divestitures open up new commercial possibilities that allow port facilities to reach their full potential and maximize their contribution to economic growth, jobs, and investments in local communities.
Quick Facts
- Funding for this new program was announced as part of Economic Action Plan 2014.
- Since 1996, through its previous Port Divestiture Program, the Government of Canada has divested 499 ports, which has resulted in savings to Canadian taxpayers of over $470 million.
Quote
“Our government understands the importance of these port facilities to the transportation needs and economic sustainability of their local communities. The Ports Asset Transfer Program offers an excellent opportunity for interested parties to acquire a port facility and to develop it to take advantage of local business, community development and tourism opportunities.”
